Consider an economy and BP

Opportunity Cost: The slope of the BP is negative, revealing the opportunity cost that is unavoidable every time a choice is made. For the economy as a whole, the decision to produce more of one good must involve a decision to produce less of some other good. 2. Consider an economy that produces only food a ND clothing. Its production possibility boundary is shown below. Icon 105 Week 2 a. If the economy is at point A, how many tones of clothing and how many tones of food are being produced? At point B? At point A, 2. tones of clothing and 3 tones of food are being produced per year. At point B, annual production is 2. 5 tones of clothing and 7 tones of food. B. What do we know about the use of resources when the economy is at point A? At point B? At point A the economy is either using its resources inefficiently or it is not using all of its available resources. Point B represents full and efficient use of available resources because they are on the BP. C. If the economy is at point B, what is the opportunity cost of producing one more tone of food?

What is the opportunity cost of producing one more tone of clothing? At point B, the opportunity cost of producing one more tone of food (and increase from 7 to 8) is the 2. 5 tones of clothing that must be given up. The opportunity cost of producing one more tone of clothing (from 2. 5 to 3. 5) appears, from the graph, to be approximately 0. 75 tones of food. D. What do we know about the use of resources at point D? How would it be possible for the economy to produce at point D? Point D is unattainable given the economy’s current technology and resources.

Point D can become attainable with a sufficient improvement in technology or increase in available resources. 2 summer 2013 3. Consider your decision whether to go skiing for the weekend. Suppose transport rotation, lift tickets, and accommodation for the weekend cost $300. Suppose also that restaurant food for the weekend will cost $75. Finally suppose you eave a weekend job that you will have to miss if you go skiing, which pays you $120 for the weekend that you work. What is the opportunity cost of going skin g?

Do you need any other information before computing the opportunity costs? In general, the opportunity cost for any activity includes three things: 0 the direct cost of the activity, plus whatever you give up in order to do the activity, minus C] whatever “savings” the activity generates In this case, the direct cost of transportation, lift tickets and accommodation of $300 is definitely included. The income of $120 that you give up also counts. Finally, we must deal with the restaurant meals of $75. o that opportunity costs of skiing would be giving up $495 that could be used for other goods and services you want the most. Surely you would have eaten some food even if you hadn’t gone skiing, so the full $75 is not included. But given the relatively high price of restaurant meals compared to buying your own groceries, you will probably include most of the $75. Thus the opportunity cost of the ski trip is $420 plus some (large) fraction of the $75. 4. What is the difference between scarcity and poverty? If everyone in the world had enough to at, could we say that food was no longer scarce?

Discuss your ideas with class By scarcity we mean simply an excess of wants over the resources available to satisfy those wants. Poverty is concerned with a level of resources below some threshold of sufficiency. One can conceivably eliminate poverty, but that would not eliminate scarcity. Even if everyone had enough to eat, there would be demand for more food than the minimum required for survival if it were available at a price of zero. Therefore food would still be scarce. Even if goods became free, there would be a scarcity of time available to consume and enjoy them.

Leave a Reply

Your email address will not be published. Required fields are marked *

The slope of the BP

Why is it used? – Facial reconstruction involves sing the cranium or skull, as well as any other aspects of the person that may be known, to create a representation of what the person may have looked like to help determine who the person was, and in some cases help determine the cause of death. 4. How do male and female bones tend to differ? – Male and female bones tend to differ mainly in size and shape, some of the more outstanding differences are the different shapes of parts of the skull, pelvis, and jaw. . How does a forensic scientist estimate the height of a victim? – A victim’s eight is generally estimated using an equation designed to predict height. Once they have all of the long bones in the arms and legs, they are often able to create a more accurate estimation of the victim’s height. Critical Thinking Questions 1 . Why is forensic anthropology an important part of forensic science? What does this area add to the investigation of crime? Forensic anthropology is an important part of forensic science because without any knowledge of bones in forensic science, you wouldn’t really be able to learn very much information bout any victims that had decomposed down to bone, or lost their flesh in any sort of way. 2. Imagine that you have been called to an area where bones have been found. What would you do at this spot to help you better understand what happened? I would first make sure to check the entire area above, and below the surface of the ground. Make sure every last piece and fragment of bone or evidence was accounted for, had sketches and/or pictures of where they were before they had been disturbed, and then noted. Then would examine the evidence along with he bones to see if I could possibly tell if the victim had any type of disease or sickness, or any other cause of death. Maybe even determine who the person was. 3.

What are some of the differences between traditional facial reconstruction and computer facial reconstruction? What are the advantages and disadvantages of each? – Some of the differences between digital, and non-digital facial reconstruction are well, you’ll need a forensic anthropologist for both, an artist for one, and a computer with the correct programs installed, and the correct machines and comparison data for the other. . What is a scatter pattern? What can it tell a forensic anthropologist? A scatter pattern in forensics refers to the way bones have been scattered from their original set place where they were when they were still attached to the victim’s skeleton. 5. How can the age of a body be estimated using bones? What are some of the different areas of the body that may give an indication of age? – A forensic anthropologist can get an estimate of a victim’s age by examining placement of teeth, Epiphysis fusions, length of the longer bones in the legs and arms, and the degree of closure of sutures.

Leave a Reply

Your email address will not be published. Required fields are marked *